/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Robinhood cans UK launch

Robinhood cans UK launch

Stock trading app Robinhood has abandoned its UK launch and put plans for global expansion on hold as it deals with operational problems caused by an explosion of day trading in its core US market during the Covid-19 pandemic.

In a statement, the firms says: "We'll be closing our waitlist and taking down our UK website shortly. The world has changed a lot over the past several months and we’re adapting with it."

The firm says its efforts are currently best spent "on strengthening our core business in the US and making further investments in our foundational systems."

The firm, which topped up its Series F funding round with an extra $320m last week, now has 13 million users in the US after millions of new users flocked to the app in an effort to take advantage of volatility in US stocks.

The spike in demand has exposed a number of operational constraints in its technology platform, with the firm experiencing a number of outages throughout March

Comments: (0)